Tesla CEO Elon Musk’s tweet on June 13, where he wrote that the electric carmaker “will resume allowing Bitcoin transactions” if there’s “confirmation of reasonable (~50 per cent) clean energy usage by miners” did send the cryptocurrency price rising again. A day after the tweet, the value of Bitcoin rose more than 10 per cent. The world’s largest currency was trading above $39,000 (roughly Rs. 29 lakh) on June 15 morning according to CoinDesk, adding nearly $5,000 (roughly Rs. 3.6 lakh) to its value since Musk tweeted about it on Sunday.

The statement led to a negative sentiment in the crypto market. Most cryptocurrencies including Bitcoin were on a downward trajectory in May before the market crash of May 19. Some cryptocurrencies have recovered since then but, Musk’s latest vote of confidence is probably what was required.

The recent jump pushed Bitcoin’s market cap up to $733 billion or over 45% of the total cryptocurrency market cap. The popular cryptocurrency gained nearly 7% over the last seven days. However, Bitcoin is still down nearly 40% from its all-time high of $64,778.04 on April 14.

Dogecoin, which started as a meme currency but received a lot of support from the billionaire tycoon in the past few months also gained in value. But this positive trend in the cryptocurrency market is no guarantee that it will see the bull run, which started at the beginning of this year, again so soon. At most, the value addition to the price of Bitcoin and other digital currencies over the past two days most likely seems temporary.

Here are the latest prices and trends of popular cryptocurrencies:

Cryptocurrency Price (US Dollar) 24-hour change Market cap (Billion) Volume (24 Hours)
Bitcoin 39,206.56 10.92% $734.50 $41.84 billion
Ethereum (Ether) 2,486.01 6.37% $289.07 $28.36 billion
Dogecoin 0.323952 4.10% $42.07 $1.72 million
Litecoin 168.26 5.47% $11.42 $2.94 billion
XRP (Ripple) 0.871539 5.58% $87.16 $2.21 million
Cardano 1.54 6.19% $49.36 $5.36 million

Last week, El Salvador became the first country in the world to approve Bitcoin as a legal tender. “With 62 votes, the legislative plenary session approves the #LeyBitcoin with which El Salvador adopts the #Bitcoin as legal currency,” El Salvador President Nayib Bukele said. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” El Salvador President added. “The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” he added.